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Audit objectives are specific goals that auditors aim to achieve during the audit and they...

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Accounting

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Audit objectives are specific goals that auditors aim to achieve during the audit and they are designed to ensure that the financial statements of an entity are presented tairly. Audit objectives are closely related to management assertions, as they help auditors address and verify the different assertions made by management. For each audit objective, select the substantive test that would most likely be utilized to support the objective. A substantive test may be used once, more than once, or not at all. 1. Acceunts Payable includes all outstanding balances as of year end. 2. Equity in investee income is fairly stated. 3. Determine accounts receivabie represents all amounts owed to the entity at the balance sheet date 4. All stock issued is included on the balance theet. 5. Accounts receivable are stated at net realizable walur

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